First bonds soon under Smart Cities scheme

Pune, Ahmedabad and the NDMC portion of Delhi preparing for launch; SBI Caps advisor in all these

After much dallying, three civic bodies are likely to hit the markets with municipal bonds by this month-end or the first week of July, to raise funds for providing amenities.

The three are the New Delhi Municipal Council (NDMC, the one for a 43 sq km slice in the centre of the capital), and the municipalities of Pune and Ahmedabad. The facilities are to be set up under the ‘Smart Cities’ mission and the Atal Mission for Rejuvenation and Urban Transformation.

In fact, Pune might come out with the bonds by next week itself. The municipality might not raise the entire amount